Monday, February 06, 2006

StormPay: accounts will remain frozen "until all legal matters are resolved."; 4Daily.com Site Closed, 12DailyPro Shuts down

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So i was a member of 12daily.com, just to earn hits and not income. I didn't invest any single cent and never give it a try eighter. I don't know, i just don't believe in those program. Unlike PPC program or textlink program, i'm have much confident toward those sort of income. I've been paid by Crispads, Linkconnector and Linkworth. So far, those company that run those programs paid me.
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As stated in the topic, 4daily.com site is officially closed now. Visiting their site will prompt you with announcement of the site being shutdown due to...

widespread repercussions caused by the possible collapse of StormPay.com, the paid-to-surf industry's major payment processor

There's nothing much concern to me. I've heard people investing hundreds and even thousand bucks into those program. I'm not sure how will they feel now. I guess they won't get much hurt eighter, cause they probably, already prepared for it.

4daily also posted the mass-mail sent by Stormpay to its' merchant, informing them of the reason of their account being frozen. From what i've understand, it's due to them suspected running pyramid scheme that causes their account being banned.
Pyramids don't pay. StormPay Inc. and the Federal Trade Commission caution consumers about clubs or programs that promise quick money for recruiting new members. Don't bank on the pyramid promise that someone else will pay you. For more information on get-rich-quick schemes, visit the FTC at www.ftc.gov."

I didn't know pyramid scheme gets such a big issue in oversea. Here in Malaysia, you can hear people introducing pyramid scheme to others, and more worst still, the company that those people are representing is from big corporates. Hrmm.... I'm not quite sure how the law operated so don't ask me more about it.
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If your account is also frozen by stormpay, then this question-answer statement in they mass-email may be usefull for you...
We know that the most prominent question in your mind is "What happens to the money I sent these programs?" Answer: At the moment any funds frozens in these merchant's accounts are frozen and not payable until all investigations are completed. At such time investigations are completed, any remaining funds will be released to the merchant's, or refunded to the purchasers, based on the outcome of the investigations. Please be aware if determination is made that these are ponzi schemes, a great deal of the funds received by these merchant's will have been used to pay obligations to those who joined earlier into the programs. In other words, they will have used your money to pay other members thus creating a deficit of funds needed to refund all users. Please be patient while investigators decide the best procedures for handling this serious situation. Contacting your credit issuers or banks requesting chargebacks only compounds the problems for all involved, including the merchants and their customers, and delays returns of any funds. These actions could also be punishable by law.


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